Japan’s SoftBank Group, which has invested in both companies, is leading the discussion.
Japan’s SoftBank Group, which has invested in both companies, is leading the discussion.
Cottonbro/Pexels

ByteDance, the technology company behind TikTok, is mulling over selling off its assets to video-sharing app InMobi's Glance. The latter is a rival unicorn of ByteDance, stated a Bloomberg report. Meanwhile, Japan’s SoftBank Group, which has invested in both companies, is leading the discussion.

This is an attempt by ByteDance to revive the asset hit by the ban imposed on the app in India. Soon after the ban, the company tried to engage with the Indian government to have the ban revoked.

After India banned TikTok, the US market also called for a ban under the Donald Trump administration. However, at present, US President Joe Biden is expected to suspend the ban on TikTok and another Chinese app, WeChat.

In India, the sell-off discussions, initiated by the SoftBank Group Corp., are very complex in nature, stated a source.

SoftBank has invested in the parent company of Glance, InMobi Pte, as well as TikTok’s parent firm ByteDance.

Even if these parties reach an agreement, any change in power will need approval from Indian authorities.

Before the ban was imposed by the Indian government, TikTok had been on a hiring spree in India. After the ban, it was forced to cut down its 2,000-strong staff.

Earlier, it was also reported that the Chinese firm was trying to sell its assets to Microsoft and Twitter.

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